It is obvious that an error occurred in the preparation and/or posting of closing entries if Group of answer choices   A. all revenue and expense accounts have zero balances. B. all balance sheet accounts have zero balances. C. the retained earnings account is debited for the amount of the net loss of the period.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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It is obvious that an error occurred in the preparation and/or posting of closing entries if
Group of answer choices
 
A. all revenue and expense accounts have zero balances.
B. all balance sheet accounts have zero balances.
C. the retained earnings account is debited for the amount of the net loss of the period.
D. the income summary account is debited for the amount of the net income for the period.
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